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Reply to "Is there a way to write off expenses associated with elderly parents?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You don't need to claim them as dependents to claim the medical expenses you pay for them. [quote]You can deduct your parent's medical expenses even if they do not meet the income requirement to be claimed as your dependent as long as you provide more that half of their support. Your total medical expenses, including all costs for prescription drugs, equipment, hospital care and doctor's visits, must exceed 7.5 percent of your adjusted gross income to claim these expenses.[/quote] https://turbotax.intuit.com/tax-tips/family/steps-to-claiming-an-elderly-parent-as-a-dependent/L34jePeT9[/quote] [b]I highly doubt their medical expenses would exceed 7.5% of OP’s AGI. [/b]That’s a high hurdle. Sorry OP. They can’t get Medicare etc and be claimed by you for tax deductions. That’s double dipping. What do they use their SS for if you pay all their bills? It sounds like you can easily afford it. [/quote] NP but it doesn't have to be just the parents' medical expenses. It's all of OP's medical expenses in a given year, so immediate family + the medical expenses they've covered for the parents. It's still a high hurdle but if OP is here looking for advice I think it's reasonable to assume they are spending quite a bit on the parents, and old people's medical bills can be surprisingly large.[/quote]
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